Beximco, one of the largest conglomerates in the country, is in the spotlight as its owner, Salman F. Rahman, remains in jail following his arrest.
Meanwhile, a Dubai-based consortium Adsum Capital Management LLC has reportedly expressed interest in acquiring four profitable companies within the Beximco Group, as reported by The Business Standard.
According to that report, the proposal was sent to finance and trade adviser to Dr Yunus-led interim government, Salehuddin Ahmed by the Dubai-based company.
The four profitable companies of the Beximco Group that have been targeted for acquisition are Beximco Limited (textiles and ready-made garments), Beximco Pharmaceuticals, Teesta Solar Limited, and Beximco Communications Limited (satellite and DTH licenses).
Among these, Beximco Limited and Beximco Pharma are listed on the country’s two stock exchanges, with Beximco Pharma also being listed on the London Stock Exchange.
Ahmed Shayan Fazlur Rahman, the CEO of Beximco Group and son of the group`s vice-chairman and co-founder, Salman F. Rahman, stated that they have not received any such proposal.
The letter from Adsum Capital Management LLC proposing the acquisition of the top four companies reached adviser Salehuddin Ahmed on October 14. Following this, the adviser directed the commerce secretary to verify the letter, according to the report of that business daily.
However, there has been no comment from the government regarding whether any steps will be taken concerning the Dubai investors’ proposal.
The letter is signed by Anwar Ali Khan, the CEO and Managing Director of Adsum Capital Management LLC, stating, "A consortium of investors has authorized us to submit a letter of intent for acquiring shares in several companies of the Beximco Group."
Salman F. Rahman, the owner of the Beximco Group, has been a highly influential figure in the country over the past 15 years. He served as a private sector and investment adviser to former Prime Minister Sheikh Hasina and played a crucial role in both the party and government.
However, after the fall of Sheikh Hasina`s government on August 5, Salman F. Rahman found himself in a precarious situation. Reports indicate that who had well-grown white beard once, was arrested in a clean-shaven state, inside a boat, and dressed in a lungi (traditional dress) and a polo t-shirt.
Following the government`s collapse, Rahman`s house in Gulshan was completely ransacked, and there were reports of attacks on Beximco Group factories. Beximco`s clothing chain Yellow`s Dhanmondi outlet was burnt to ashes on August 5.
The bank accounts of Salman F. Rahman’s family members had been frozen, and allegations of money laundering surfaced against the owners of the Beximco Group.
On September 5, the High Court ordered the seizure of all Beximco Group assets and the appointment of a receiver to manage the assets, with a hearing scheduled for October 28 regarding a stay on that order.
Amid this turmoil, the proposal for acquiring four companies from Beximco has come to light.
The letter from Adsum to the adviser stated as quoted by The Business Standard, "Our clients are interested in acquiring the assets of several specific companies within the Beximco Group. If you or your government are considering selling or restructuring these, we would be eager to initiate discussions."
Adsum Capital Management LLC boasts 30 years of experience in banking, finance, technology, real estate, and investments, as per its website.
Meanwhile, Beximco was founded in the 1970`s by two brothers - Ahmed Sohail Fasihur Rahman and Salman F. (Fazlur) Rahman, according to the conglomerate`s website.
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